Country overview

#143
Papua New Guinea

Country stats

Rating Points
25
This indicator describes the overall rating of a given jurisdiction on several parameters according to cryptocurrency operations - market volume, crypto regulation, business climate, taxation framework.
Crypto Penetration
0.5%
Estimated percentage of crypto users out of the country's total population based on public data.
Legal Entities
0
Number of crypto companies registered in the country based on regulator data if available or other types of public data.
Regulation Points
0
An overall assessment of the granularity of crypto regulation in a given country. A high score is also given to countries where cryptocurrency transactions are highly regulated.
Amount of crypto users
55 000
Total amount of crypto users out of the country's total population based on public data.
Taxation points
10
This figure, according to our analysts' calculations, indicates the overall level of tax burden for cryptocurrency transactions in a given country. The higher the indicator, the lower the burden.
Market volume points
0
A rough estimate of this jurisdiction's retail crypto market relative to the rest of the world. The higher the indicator, the higher the market potential.
Status of crypto
No info
General status of cryptocurrency regulation in this jurisdiction.
Crypto payments
No regulation
The legal status of cryptocurrency payments for goods and services in a given country based on information from regulators, public data and feedback from our community.
Security Level
High danger
The overall level of security in a given country based on open data.
Crypto Salaries
No regulation
The legal status of cryptocurrency salaries to employers in a given country based on information from regulators, public data and feedback from our community.
Business Climate
No info
Overall assessment of the friendliness of this country for crypto-business. This indicator takes into account the cost of obtaining a license and the attitude towards crypto entities in the country.
Stablecoin Regulation
No info
This indicator is evaluating the regulation of stablecoins in a given country. Complex regulation means that it is possible to issue steiblcoins and obtain a license for this activity. Basic regulation means that the issuance of stablecoins is possible, but not all legal aspects are defined in the law. Standard regulation means that there is a legal practice of steylcoin circulation in a given country.
Bad Factors
No
This section describes the unfavorable economic factors for crypto-business in a given country. These are countries that are under sanctions or on the FATF grey list and other factors.
Types of licenses
No licenses exist
Good
Medium
Bad
intro

This is general info about crypto regulation in Papua New Guinea. A more precise overview will be published later. However, if you find any inaccuracy or have other feedback - please write us in telegram @ilya_ii or by e-mail - editor@cryptopenetration.com

Papua New Guinea is an island country in Oceania. It has an area of 460,000 km2 and a population of 12 million people according to Wikipedia (1).

Papua New Guinea has introduced the electronic visa, which has largely facilitated entry into the country. You can apply online, where you will receive a pre-visa approval, and you will obtain the final visa on arrival accordance with VisaGuide (2).

There are a number of ways (3) an individual may obtain a visa which permits them to remain in Papua New Guinea as a permanent resident. Currently, Papua New Guinea does not offer a formal residency or citizenship (4) by investment program.

Security level

Papua New Guinea has a high danger security level according to our rating. Jurisdiction has 20.3 points (from 100) for safety level in Numbeo crime rating (5). Homicide level (6) is 9.4 per 100,000 inhabitants a year. 

Crypto Payments

There is currently an established public notice (7) regarding the trading of cryptocurrency published by the Bank of Papua New Guinea (BPNG) and approved by the CMG Governor, Loi M. Bakani. The notice reminds the public that BPNG does not issue or regulate cryptocurrencies (“i.e. virtual currencies or digital money such as bitcoin, Ethereum, EOS, Lite Coin and others”) and thus virtual currencies lack any legal tender status and is not accepted currency in Papua New Guinea.

Crypto Salaries

No regulation.

Legal

In 2017 Minister Francis Maneke (8) in 2017 portrayed the use of blockchain technologies in a positive light. The minister stated that he believed technology such as blockchain and virtual currency can “change people’s lives –  particularly in a nation like ours, in which 85 per cent the population is outside the banking system.” At the same time Bank of Papua New Guinea has issued BPNG Warning on crypto risks (9), according to it crypto is still not regulated in the country. Although, the bank of PNG launched a regulatory sandbox for blockchain projects in 2019, there is no organization which has joined this program.

Taxation

According to PWC taxsummaries (10) headline CIT rate for residents of PNG is 30%, for non-resident residents is 48%. Headline PIT rate is 42%. PNG does not currently tax capital gains.

Links

1) 👉🏻Papua New Guinea. Wikipedia

2) 👉🏻E-visa for Papua New Guinea

3) 👉🏻Residence permit in Papua New Guinea

4) 👉🏻Citizenship in Papua New Guinea

5) 👉🏻Crime Index by Country 2023 Mid-Year

6) 👉🏻List of countries by intentional homicide rate

7) 👉🏻Cryptocurrencies and Blockchain Technology

8) 👉🏻Blockchain Technology and Financial Inclusion Seminar – Closing Speech by Minister for Communication & Information, Hon. Minister Francis Maneke, MP Talasea.

9) 👉🏻PNG Kina Bank suspends local SME account over crypto transactions

10) 👉🏻Papua New Guinea. PWC